Online system for fulfilling loan applications from loan originators

ABSTRACT

A processing and submission client/server system transmits relevant loan information from a borrower to one or more lender computer systems through pre-defined file templates, which are utilized during loan origination. An automatic data flow process from the origination screen populates the relevant fields in any other related loan forms and word processing documents. Different forms are supported for different types of loans. The loan originator computer system includes a loan origination software program integrated with a web-browser based interface system. The interface system couples the loan origination software program to one or more partner computers. The partners comprise loan underwriters, lenders, and settlement service vendors. The interface system provides dynamic formatting and data transmission for different connections depending on the transaction type and target partner. In a web-based implementation, the interface system populates data directly from the loan origination software program to the appropriate web pages of the target partners.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is related to U.S. application Ser. No. 10/222,637,entitled “Loan Origination System Interface for Online Loan ApplicationProcessing”, filed on Aug. 15, 2002, and which is assigned to theassignee of the present application. The disclosure of said applicationis incorporated herein by reference.

FIELD OF THE INVENTION

The present invention relates generally to computer networks, and morespecifically, to a system for processing and fulfilling loanapplications over a network.

BACKGROUND OF THE INVENTION

The World Wide Web (“web”) has evolved from first generation web systemsthat simply provided information to client computers over the Internetthrough a web browser program to second generation systems usingapplication servers that provide dynamic, personalized information andpowerful back-end transaction processing.

A great number of commercial applications become adapted to on-linesystems, thus establishing a base of many different types of electroniccommerce or “e-commerce” transactions. Among the various adaptations ofclassical commercial transactions that have become adapted to onlineimplementations is the area of financial loans. The loan applicationprocess is often a complicated and confusing process for averageborrowers. There are a great many different types of loans availabledepending upon the type of loan required, such as personal loans, homemortgages, business lines of credit, and so on. There are also manydifferent variables or negotiable terms associated with each loan, suchas interest rate, loan period, processing fees, and the like. In mostcases, a detailed profile of the borrower is required because factorssuch as age, employment, financial history, credit rating and so on, canhave a great deal of impact on the cost and ability to qualify for aloan. Moreover, loans are available from many different sources, such astraditional banks to private and commercial money lenders.

Thus, the process of applying for and obtaining a loan can becomplicated and time consuming because of the great number of variablesregarding the loan, the lender, and the borrower, as well as the numberof parties involved in the loan process. Because of the distributed,information-intensive nature of the loan industry, a class of loanbrokers, also referred to as “loan originators”, has emerged to aidborrowers in finding and obtaining the proper loan. The advent of loanoriginators has served to provide an important interface betweenborrowers and the various lenders and underwriters who might have anappropriate loan product.

Computer-based loan brokers typically use sophisticated programs,referred to as Loan Origination Software (LOS) systems, to automate theloan application process and fulfillment process. In a traditional loanapplication scenario, a borrower approaches a loan broker to find anappropriate loan. The broker takes the application information from theborrower and compiles a traditional loan application. Some type of loansprovide standardized formats for the loan application information. Forexample, mortgage loan applicants and processors typically use a uniformmortgage application form to provide what is referred to as “1003” data,corresponding to FNMA (Fannie Mae) form number 1003. The loan brokerthen passes the application information to various other parties, suchas loan underwriters, lenders, and settlement service vendors.

The widespread use of the Internet has generally led loan brokers torecognize and accept the Internet and computerized processes as viableand promising vehicles with which to conduct business. Traditional loanprocessing involves a great deal of customer support, data input, andexpedited mailing and delivery of physical documents. These factorspresent areas of great cost and potential problems in the loanapplication, processing, and delivery transaction. Although most presentloan originators have implemented software systems, such as LOSprograms, to automate their processes, typical loan origination softwaresystems do not provide a comprehensive interface between loan brokersand lenders, and other third parties, such as settlement services.Furthermore, most present loan origination systems do not providecomprehensive form and document completion processes that trulyautomates the loan application process and minimizes the errorsassociated with individually completing all of the separate formsrequired in a typical loan transaction.

What is needed, therefore, is a loan processing and submission systemthat provides comprehensive completion, control and submission of formsand documents associated with a loan application.

What is further needed is a loan processing system that provides acomprehensive network-based interface between a broker and a pluralityof lenders and other third parties for fulfillment of a loan applicationon behalf of a borrower.

SUMMARY OF THE INVENTION

An on-line interface system for facilitating the processing of loanapplications by loan originators is described. A processing andsubmission system receives relevant loan information from a borrower andenters this information into file templates, which are utilized duringloan origination. An automatic data flow process accessible through anorigination screen populates the relevant fields in all of the otherloan forms and word processing documents. Forms are supported forseveral different loan types, such as conventional mortgages, federalhousing authority loans, veterans administration loans, and othersimilar types of personal and business loans. The automatic data floweliminates the need to re-enter the same information in each form, andit also automatically calculates relevant field data, such as percentagerate, maximum loan, cash to or from borrower, amortization schedules,and the like. Once information is entered into each data field, e.g.,borrower's name and address, of the file template during the loanorigination process, the information is saved in a database wherein eachdata field is associated with the particular information entered.Thereafter, when a particular loan form is activated, the automatic dataflow program conducts a search for each data field. Alternatively, eachloan form can be modified to insert embedded codes, so that the computerprogram can more easily identify the location of a data field and enterthe associated information.

In one embodiment, the loan broker computer system includes a loanorigination software program integrated with a web-browser basedinterface system. The interface system couples the loan originationsoftware program to one or more partner computers. The partners compriseloan underwriters, lenders (such as banks and finance companies), andsettlement service vendors (such as appraisers, insurance brokers, andcredit agencies). The interface system provides dynamic formatting anddata transmission for different connections depending on the transactiontype and target partner. In a web-based implementation, the interfacesystem populates data directly from the loan origination softwareprogram to the appropriate web pages of the target partners.

Other objects, features, and advantages of the present invention will beapparent from the accompanying drawings and from the detaileddescription that follows below.

BRIEF DESCRIPTION OF THE DRAWINGS

The present invention is illustrated by way of example and notlimitation in the figures of the accompanying drawings, in which likereferences indicate similar elements, and in which:

FIG. 1A illustrates a network that implements a loan processing softwaresystem, according to one embodiment of the present invention;

FIG. 1B illustrates a network system for processing loan applicationsthat includes several different types of loan origination softwareprograms that can be used with embodiments of the present invention;

FIG. 2 is a flowchart that illustrates the general steps of processing aloan application through a loan origination software program on a brokercomputer, according to a method of the present invention;

FIG. 3 is a flowchart illustrating the steps of processing andsubmitting a loan application through a loan application processing andsubmission system, according to one embodiment of the present invention;

FIG. 4 is an exemplary web page for a business server process, accordingto one embodiment of the present invention;

FIG. 5 is an exemplary storefront web page for a lender partner,according to one embodiment of the present invention;

FIG. 6 illustrates an exemplary pre-qualification web page, according toone embodiment of the present invention; and

FIG. 7 illustrates an exemplary loan shopping web page, according to oneembodiment of the present invention.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT

A network-based loan processing system for electronic commerce isdescribed. In the following description, for purposes of explanation,numerous specific details are set forth in order to provide a thoroughunderstanding of the present invention. It will be evident, however, toone of ordinary skill in the art, that the present invention may bepracticed without these specific details. In other instances, well-knownstructures and devices are shown in block diagram form to facilitateexplanation. The description of preferred embodiments is not intended tolimit the scope of the claims appended hereto.

Aspects of the present invention may be implemented on one or morecomputers executing software instructions. According to one embodimentof the present invention, server and client computer systems transmitand receive data over a computer network or a fiber or copper-basedtelecommunications network. The steps of accessing, downloading, andmanipulating the data, as well as other aspects of the present inventionare implemented by central processing units (CPU) in the server andclient computers executing sequences of instructions stored in a memory.The memory may be a random access memory (RAM), read-only memory (ROM),a persistent store, such as a mass storage device, or any combination ofthese devices. Execution of the sequences of instructions causes the CPUto perform steps according to embodiments of the present invention.

The instructions may be loaded into the memory of the server or clientcomputers from a storage device or from one or more other computersystems over a network connection. For example, a client computer maytransmit a sequence of instructions to the server computer in responseto a message transmitted to the client over a network by the server. Asthe server receives the instructions over the network connection, itstores the instructions in memory. The server may store the instructionsfor later execution, or it may execute the instructions as they arriveover the network connection. In some cases, the downloaded instructionsmay be directly supported by the CPU. In other cases, the instructionsmay not be directly executable by the CPU, and may instead be executedby an interpreter that interprets the instructions. In otherembodiments, hardwired circuitry may be used in place of, or incombination with, software instructions to implement the presentinvention. Thus, the present invention is not limited to any specificcombination of hardware circuitry and software, nor to any particularsource for the instructions executed by the server or client computers.In some instances, the client and server functionality may beimplemented on a single computer platform.

Aspects of the present invention can be used in a distributed electroniccommerce application that includes a client/server network system thatlinks one or more server computers to one or more client computers, aswell as server computers to other server computers and client computersto other client computers. The client and server computers may beimplemented as desktop personal computers, workstation computers, mobilecomputers, portable computing devices, personal digital assistant (PDA)devices, or any other similar type of computing device.

In the loan application process, a broker matches a borrower (customer)with the loan package that best suits their need. Unlike the retail loanmarket, in which the borrower directly inquires about loans availablefrom a bank or commercial lender, the loan broker utilizes the wholesaleloan market. In terms of a general process, the broker obtains data fromthe borrower and then shops for loans from the available sources in thewholesale loan market. Wholesale lenders typically work only withbrokers, and take completed loan packages and underwrite them. Thebrokers are typically offered discounted pricing in return for theprocessing work performed by the broker.

In a network embodiment of the present invention, a loan broker computeris configured to access computers operated by third parties (typicallyin the wholesale loan market), such as lenders, loan underwriters,settlement service vendors, and other similar loan fulfillment partiesthrough a web based interface that is integrated with a loan originationsoftware program. The loan broker provides an on-line interface betweenborrowers, and those companies that will ultimately perform the loanservices and provide the requested funds. During the course of the loanapplication process, various items of information are transmitted amongthe parties, including borrower information and loan application data.This information is typically maintained in databases stored in thebroker computer, or on the third party computers. Different entities maybe responsible for different aspects of the transaction from thelender's side. For example, one company may be involved in theprocessing of a loan application, while another is involved withproviding the loan itself, while yet another may be involved with thebilling and collection of repayment from the borrower.

The network implementation facilitates the delivery (transmission) andtracking of data and allows for the completion of electronic commercetransactions. Several different network topologies may be implementedthrough the use of a loan processing network system according toembodiments of the present invention. In general, the network systemcouples one or more lenders (banks, financial institutions, creditagencies and so on) to the loan brokers who act on behalf of potentialborrowers. The loan brokers help borrowers to find and obtain loans byobtaining personal data from the borrower, searching for compatibleloans from the various lenders, presenting loan selections to theborrower, and performing certain validation or screening tasks, such aspre-qualification of the borrower. The loan brokers also directlyinterface with the parties that will fulfill the loan or providesettlement services, such as lenders, loan underwriters, and settlementservice vendors.

A broker typically keeps track of pending loans and customers throughone or more pipelines. A pipeline generally refers to a list of allloans and/or borrowers that are committed and being processed by thebroker. A separate pipeline, often referred to as a “pre-qualificationpipeline” can be used to list prospective loans and/or borrowers who arenot yet committed to a particular loan.

For purposes of the present discussion, a loan originator is any personor entity that helps to procure a loan on behalf of a borrower, and caninclude loan brokers, loan officers, loan processors, correspondentbrokers, small banks that provide brokerage services, and any othersimilar type of loan procurement company or personnel. As used herein,the term “loan broker” is used to represent any such type of loanoriginator.

Loan brokers typically execute Loan Origination Software (LOS) programsto manage the origination tasks in the loan application process for aborrower. In one embodiment of the present invention, a processing andsubmission system is embedded in the broker computer system and isclosely coupled to or integrated within the loan origination systemprogram on the broker desktop. This integration serves to streamline theloan submission process and provides seamless connectivity to lendersand settlement service vendors over the network. The processing andsubmission system provides a direct interface to the loan originationsystem programs and allows efficient management and transmission of filedata present in the broker loan origination software to the lender andvendor computer systems. The processing and submission system thusprovides a centralized and comprehensive system for compiling the loanand borrower information, populating the loan documents with therelevant data, and submitting the completed documents to the appropriatelender and other third parties for review. This allows the broker tocapture the borrower data once and publish this data to multiple lenderswithout having to repeatedly enter the borrower data for each loanapplication.

FIG. 1A illustrates an exemplary network system for processing loanapplications, according to one embodiment of the present invention. InFIG. 1A, a loan broker computer executes several program modules thatmanage the loan origination process. The main module comprises a loanorigination software program 102. When executed on the loan brokercomputer, this program comprises a system referred to as the “brokerdesktop environment”. Integrated in the loan origination softwareprogram 102 is a web browser program that serves as a gateway to connectthe desktop to a business center process 108, one or more back-endprocesses 110, and a data storage facility 112.

In one embodiment, the business center 108 contains a network interfacethat provides access between the loan origination system program andother entities. For the embodiment in which the network comprises theInternet, the interface may be a web-based interface. In this case, thebusiness center 108 includes a web browser client process executed onthe loan broker computer. In one embodiment, the web browser program isimplemented using Microsoft® Internet Explorer™ browser software. Theback-end processes 110 comprise the processing and submission systemservers that provide downloadable program modules to the loanorigination program and/or perform calculations for the loan originationprogram. The data storage facility 112 stores various data related tothe lenders and users within the system.

The business center process 108 within the data center 106 includes thesoftware module comprising the processing and submission system,according to embodiments of the present invention. The business centerimplements business and processing logic modules for receiving loanapplication information from a borrower (such as 1003 data for mortgageloans), storing data related to the borrower, providing interfaces toprocesses utilized by lenders and other third parties that fulfill andsettle the loan. In this manner, the program modules required for theprocessing and submission system, as well as the interface to the thirdparty entities is embedded directly within the loan origination softwareexecuted on the broker computer.

As illustrated in FIG. 1A, the loan origination system program 102 onthe broker computer is coupled through the business center process 108to loan underwriters 120, lenders 122, and one or more settlementservice vendors 124. These entities perform the function of fulfillingand settling the loan application. These entities generally access theloan origination system program of the broker computer through the webbrowser interface of the business center 108. The business center 108also provides facilities to set up storefront type interfaces forlenders to customize their offerings, and provides an information portalfor brokers.

One or more of the loan underwriters 120 reviews the loan applicationand approves or denies the application. One example of a mortgage loanunderwriter is the Fannie Mae company, which does not itself provideloan funds but works with lenders to assure that the funds areavailable. Lenders 122 are banks, savings and loans, or other financialinstitutions that provide the loan funds. The settlement service vendorsprovide services and information required to close the loan. Suchvendors include appraisers, credit reporting agencies, documentpreparers, flood certification agencies, and the like. Other third partyentities that may be interfaced to the broker computer may include loanservicers who collect monthly payments from the borrower, and othersimilar loan process companies.

The loan origination software system 102 utilized by the loan broker canbe a proprietary system or a commercially available system. FIG. 1Aillustrates an embodiment wherein the network interface (web browser) isembedded within the loan origination system program 102. For thisembodiment, the loan origination system software may be a program suchas Genesis™, or Contour™, which are trademarked products of Ellie Mae®Corp. In an alternative embodiment, the network interface may be closelycoupled to, rather than embedded within the loan origination software.

FIG. 1B illustrates a network system for processing loan applicationsthat includes different types of loan origination software programs thatcan be used with embodiments of the present invention. Examples ofpresent commercially available loan origination system programs, asshown in FIG. 1B, include Calyx Point™ 134, and Byte™ 136.Alternatively, the loan broker may utilize a standard Internet website138 to interface with the borrower and provide some degree of loanorigination software functionality. As shown in system 150 of FIG. 1B,the interface between the loan origination system 112 and the businesscenter process may be through an adaptive interface that allowsoff-the-shelf products to interact with the data center 106 processes.For example, if the loan origination program is Calyx Point 134, anapplication programming interface (API) 135 may be used. Similarly,other loan origination programs, such as Byte, may include a dedicatedadapter API 137, as well.

The loan origination system program 112 of system 150 can be includedwithin the loan broker desktop environment of the broker computer, or itmay comprise a remotely executed program executed on the broker computeror a separate networked computer.

Regardless of the loan origination system program used, the loanorigination software allows the broker to handle various aspects ofmortgage and commercial loan activities such as prequalification,origination, processing, and application management. FIG. 2 is aflowchart that illustrates the general steps of processing a loanapplication through a loan origination system program on the brokerdesktop, according to a method of the present invention. In step 202, aloan origination screen is served by the loan broker for access byborrowers over a network, and typically through a web browser interface.File templates, which serve as blank loan application forms, are thenloaded and displayed to the borrower. These are loaded from a databaseof file templates 203 that are stored either locally on the loan brokerin memory, such as data storage 112, or in a remote memory location.Various file templates can be defined for different loan types, such asconventional loans, FHA (Federal Housing Authority) loans, VA (VeteransAdministration) loans, and so on.

After the borrower enters the relevant personal and loan informationrequired by the file template and initial loan application form, theloan origination system program 102 executes an automatic data flowprocess, step 206, to populate the same information in all of thecorresponding fields in all other documents and forms processed by thesystem that are related to the loan application. This includes otherrelated bank and government forms, as well as word processing documents,spreadsheets, and any other documents with fields that are linked to theoriginal form or other defined fields that are the same as the originalfields.

The loan origination system program 102 also automatically calculatesrelevant field data in any of the fields of the forms that requirederivation or calculation, step 208. These can include fields thatcalculate interest rates for given borrower profile and loan period andamount, as well as cash flow or amortization schedules, among othercalculations. Once the entry field information has been populated forall of the forms and documents, and the relevant calculations have beenperformed, the loan application documents are submitted by the loanbroker to the appropriate lenders 122 and other third parties. Dependingupon the interface between the lenders to the processing and submissionprocess in business center 108, the loan information is input into thelender computer systems in a relatively seamless manner. For example, ifthe interface between a lender and the broker is web-based, such as theFreddie Mac Loan Prospector system, the information is populateddirectly into the lender web forms. This automated input anddistribution system eliminates the need to fill out individual disparateloan application forms, and transmit the forms to the various broker andlender sites.

Throughout the process, a document inventory tracking process 212 can beused to search and track documents within the system using manydifferent types of searchable criteria, such as borrower name, loannumber, data, and so on. An on-line status checking process 214 can alsobe included that provides loan application status to borrowers. In oneembodiment, the document tracking and status checking processes may beimplemented to work in conjunction with an electronic mail process toautomatically communicate desired information to a borrower.

In one embodiment of the present invention, the processing andsubmission system within the business center 108 utilizes programmodules served by the back-end process (server) 110. The program modulesmay be compiled programs, downloadable script files, or other similartype of executable program. These program modules are either directlyexecutable by the back-end process or can be downloaded to the desktopenvironment for local execution. In one embodiment, the modules compriseXML (Extended Markup Language) in combination with VBScript (VisualBasic Script) to implement loan originator independent e-commercetransactions.

In one embodiment, the broker computer is coupled to the third partyentities and/or the potential borrowers over the Internet networkthrough a web-based interface. For this embodiment, the loan originatorsoftware program 102 executes an embedded web browser program withinbusiness center 108, which is integrated with the loan originationprogram 102 through a program such as Microsoft Internet Explorer™ orNetscape Navigator™. The business center process 108 effectivelyintegrates Internet and web-based functionality to the loan originationprogram 102. The processing and submission module allows the loanoriginator to track user clicks on a web page, and call local programs,and allows for convenient switching between the loan broker computer andthe Internet. The processing and submission module primarily serves todownload map files from a server, present a loan selection panel(pipeline), and perform the form population of the loan applications ondemand. The processing and submission module also allows for downloadingof program modules to complete a transaction. For example, a DLL (DataLink Layer) object for a particular credit vendor can be downloaded tothe user on request. Other tasks performed by module include performingclient-side posts (e.g., HTTPS Post) to submit files to servers,receiving credit reports, presenting a message list for incoming servermessages, and centrally tracking transactions on a server.

In one embodiment, the processing and submission module also includes aninbox sub-module that allows a loan broker to obtain web-basedapplications from the loan origination system. With this module, a loanapplication can be automatically imported into the loan originationsoftware program. This process also allows brokers to access loan filessent from other brokers or branches, and receive various reports andcertificates. The inbox sub-module also provides a history oftransaction reports, and it provides a mechanism for two-waycommunications. For example, a broker web site can send updated loanapplication data to the inbox module, and the loan origination systemcan update the borrower file automatically.

In one embodiment, the business center module 108 provides variousoperational functions to the loan origination system 102. These includeproviding marketing information and messages to the broker, allowinglender 122 and vendor 124 selections, providing an information portalfor the broker, and customizing the processing and submission module foruse by the particular broker.

The processing and submission server system illustrated in FIGS. 1A and1B uses the Secure Sockets Layer (SSL) protocol when transmitting databetween client and servers. The transfer of data between clients andserver is based on an open and expandable file format with norestriction or limitation on the type or amount of data. The server-sidemodules executed by the loan origination system 102 are typically allMicrosoft ASP (active server pages) and COM (component object model)modules, and new modules can be developed and added to the systemdepending upon actual implementation requirements or constraints. Asstated above, the client-side of the processing and submission system isimplemented through a web browser over an Internet link. This provides afamiliar user interface for the client. Instructions for different tasksare presented to the users in HTML (Hypertext Markup Language) files,and communication between clients and server is HTTP-based. For thisembodiment, forms and status data to the clients (users) can besubmitted in PDF/plain text format. Although HTML messages can be added,certain forms, such as mortgage forms are standardized and must beprinted in the exact size and format required by regulations. In thiscase, PDF is often the best way to transfer form data (for example,sending the Good Faith estimate and Truth in Lending Disclosure to theborrowers). The borrowers can then use client-side software, such as theelectronic mail-based MortgageMail service to view their messages.

The processing and submission system illustrated in FIGS. 1A and 1Bincludes file templates that are utilized during loan origination. Thisallows for relevant loan information to need be entered only once, andnot several times for each different form that uses the sameinformation. An automatic data flow process from the origination screenpopulates the relevant fields in all of the other loan forms and wordprocessing documents. Forms are supported for several loan types, whichinclude conventional mortgages, FHA (Federal Housing Authority) loans,VA (Veterans Administration) loans, and other types of loans. Thisautomatic data flow eliminates the need to re-enter the same informationper form, and also automatically calculates relevant field data, such asinterest rates, maximum loan amounts, cash to or from borrower,amortization schedules, and the like.

Once information is entered into each data field, e.g., name andaddress, of the file template during the loan origination process, theinformation is saved in a database, wherein each data field isassociated with the particular information entered. In one embodiment,the database may be saved in the data storage facility 112 coupled orincluded within the loan broker computer. When a particular loan form isactivated, the automatic data flow program conducts a search for eachdata field and inserts the associated information from the database intothe correct position located for the data field. Alternatively, eachloan form can be modified to insert embedded codes, so that the computerprogram can more easily identify the location of a data field and enterthe associated information.

The loan origination system program 102 can be configured to export loandata to different popular formats such as Freddie Mac, Fannie Mae, andEllie Mae proprietary format. Once the loan data has been exported, itcan easily be submitted to the broker computer and from the brokercomputer to other third parties, such as lender 122.

For embodiments in which the loan originator executes a web browserinterface to the processing and submission server, specific loanoriginator request forms can be loaded into the processing clientmodule. In this manner, the forms can be populated with loan data thatis already entered into the loan origination system, so that the brokerdoes not need to re-enter the data.

In one embodiment, HTTP (hypertext transport protocol) links areinserted into the HTML (hypertext markup language) pages served by thebroker computer. When these links are selected by a user, theinformation contained in the URL instructs the local processing clienthow to process the link and what kind of information to submit with thelink to the link's destination. For this embodiment, the system mayincorporate Internet standard protocols by embedding a web browserprogram in the broker computer and adopting web standards, such as XMLand VBScript. When a web browser is integrated into the loan originationclient system, its behavior is fully controlled and customized by theprograms provided by the broker computer. Communication with the serveris based on HTTPS (secure HTTP) protocol to transfer data between clientand server. In one embodiment, the format of the data transferredbetween client and server is based on an Ellie Mae XML file and FannieMae Desktop Underwriter (DU) 3.0 file.

This embodiment provides a seamless Internet interface to the loanorigination system client desktop 102. This results in an easy to usetransaction platform that is robust and fully integrated with the loanoriginator and enables two-way communications so that brokers canreceive credit reports, underwriting decisions, and flood and titlecertificates within the loan origination system context. The businesscenter 108 interface provides brokers with a single point of access fromtheir loan origination systems 102 to the underwriter, lenders, andsettlement service providers, thus streamlining the information dataflow and simplifying the task of importing files among the differentparties and programs.

The processing and submission system within the business center 108includes multiple entry points. A loan application and processingtransaction on the broker computer can be initiated by launching theloan origination program 102, e.g., by launching the Genesis or Contourprogram on the broker computer desktop. Alternatively, it can be enteredthrough the web browser interface by a partner computer, e.g., acomputer operated by lender 122. For this embodiment, the brokercomputer hosts a web page that is accessible through a URL (UniformResource Locator) address maintained by the broker computer.

FIG. 3 is a flowchart illustrating the steps of processing andsubmitting a loan application through a loan application processing andsubmission process, according to one embodiment of the presentinvention. In step 301 of process 300, the business center process 108that is embedded within the broker server 104 opens upon the launch ofthe loan origination program 102 from the broker desktop, or from apartner computer. The business center application provides lender andloan vendor information and store front displays to the user and acts asa general information portal between the broker and the partners, suchas underwriter 120, lender 122, and vendors 124. Based on the signatureof the loan broker, the navigation clicks from the user are tracked bythe processing and submission module. If HTML hyperlinks are selected bythe user, the appropriate web page 305, typically on a partner web site,is accessed, step 304. The loan form templates are then downloaded. Inone embodiment, the processing client downloads the form templates as anew DLL (data link layer) object, and executes the local processingprogram, step 306. Alternatively, the processing client 114 executes aVBS script process that is executed locally, step 307. If the VBS scriptprocess is used, the fields on the HTML page representing theapplication form is populated using a Document Object Model (DOM)method, step 308. The data input by the borrower is then transferred tothe appropriate partner computer using form fill or hidden fieldtechniques, step 309, and the partner web site 311 is accessed over thenetwork. In step 310, the transaction is logged and stored in the datacenter 104.

In one embodiment of the present invention, the form fill technique isan intelligent process executed by the broker desktop 104 that formatsand transfers the data based on the recognition of defined field namesin the object model or the HTML structure of the application form. Forexample, fields can be defined for name and address, and upon processingof the form, the data associated with these fields is automaticallysearched and transferred and passed to the HTML web page in the browser.The hidden field technique utilizes hidden fields defined in the partnerweb page or other customer form entry point. These hidden fields areused to trigger the formatting and transmission of data within theappropriate fields of the application form. Thus, the partners definehidden fields (e.g., on their web pages) to receive the loan applicationand other data from the broker desktop.

Once the DLL or VBScript is downloaded, the data input into the loanapplication form template or templates by the borrower is extracted,formatted, validated and then submitted to the partner, step 312. Thevalidation of the data can be performed by the loan broker desktop 104or by a separate validation process within the back-end processes 110.

As shown in step 313, for a standard Internet implementation, the datais transferred from the broker server 104 through an HTTPS XML exchange,although various other data transfer protocols are also possible. Thedata transfer executed in step 313 can be one of three types,synchronous 316, asynchronous 315, or polling driven 314. All datatransactions are logged and stored on the broker server 102, step 319.For an asynchronous transaction 15, the data is received through amessage list, step 321. In this step, the import program is initializedbased on data type. The processing client 104 then uses the resident webbrowser to display the readable result reports in a browser recognizableformat, step 322. Examples of web browser formats include .txt, .pdf,.htm, .doc files, and so on.

For data transactions that are either synchronous 316 or polling-based014, the data is returned as a readable report or as data to beintegrated to the loan originator and saved locally by the clientprocess 114, step 320. After this, the processing client 104 then usesthe resident web browser to display the readable result reports in abrowser recognizable format, step 322.

In one embodiment of the present invention, the business center process108 provides an embedded web browser interface to the loan originationprogram 102 resident on the broker computer. FIG. 4 is an exemplary website home page for the business server process, according to oneembodiment of the present invention. The business center web page 400includes several display buttons that allow the user to access variousparts of the web site and execute different processes within the system.The main text display area 402 displays various items of informationrelated to the business center. A partner link area 404 provides HTMLlinks to various partner web sites. For example, partner lenders mayinclude banks and finance companies, such as Bank of America, FlagstarBank, GM Mortgage, and so on. The loan underwriters can include FannieMae, Freddie Mac, PMI Contract, GE AU Central, and so on. The links inthe vendor section of display area 404 include links to varioussettlement service vendors, such as credit reporting, title and closingcompanies, mortgage insurance companies, and so on.

The business center web page 400 also includes an account login displayarea 406 that allows a user to log into and out of the business centersystem. The system can be configured to manage separate accounts fordifferent users and save user profiles and preferences for ease of use.A submission links window display area 408 includes a list of links topre-defined or often accessed partner cites.

As shown in FIG. 4, various other command buttons on the business centerweb page 400 allow the user to access various processes. For example,the user can shop for different loans based on interest rates andindices using option button 405 on web page 400. This provides access toa separate web page that allows the user to find and compare variousloans based on information provided by the user.

Accessing a partner web site through a link provided in the businesscenter web page redirects the embedded or resident web browser on thebroker computer to the appropriate partner home page. As stated above,the business center 108 provides facilities to set up storefront typeinterfaces for lenders to customize their offerings. FIG. 5 is anexemplary web site home page for a lender partner, according to oneembodiment of the present invention. As illustrated in FIG. 5, anexemplary home page 500 for Homeside Lending is shown. This web page isaccessed by the user clicking on the “Homeside” link in the lendersportion of link display area 404. The main display area 502 is typicallyused to displays high-level information regarding the lender, andprovide navigation links and instructions to other pages in the website. The home page 500 includes a display area 504, which allows theuser to specify one or more actions to perform. These include locking arate for a new loan, registering a loan, viewing the broker pipeline,submitting a loan application for underwriting, and viewing anunderwriting pipeline. Also provided is a display area 506 that provideslinks to pages that provide descriptive information for the processesavailable through the lender web site. Similar web pages are providedfor the other partner web sites accessible from the business centerprocess.

In one embodiment of the present invention, the processing andsubmission system includes an interface to the consumer (borrower). Thiscan be implemented through a user interface, such as website 138 in FIG.1B. This interface allows the consumer to provide certain data, such as1003 data to the loan origination system program 102. Various differentforms can be presented to the user to provide data entry fields. Forexample, FIG. 6 illustrates an exemplary pre-qualification web page,according to one embodiment of the present invention. This web pageprompts the user for certain items of information and determines if theborrower prequalifies for the preselected loan or loans. FIG. 7illustrates an exemplary loan shopping web page that prompts the userfor certain items of information and finds loans available to the userbased on the information. The data entered by the borrower is processedby the processing and submission system and used to populate all of theforms utilized by the partners 120, 122, and 124.

In an alternative embodiment, the borrower interfaces, such as thoseillustrated in FIGS. 6 and 7 may be provided by a partner website, suchas by a lender 122. In this case, a partner provides the consumer webinterface for the broker, and the form data is populated from thepartner data.

It should be noted that the web pages illustrated in FIGS. 4, 5, 6, and7 are primarily intended for illustration, and that the layout andcontent of the web pages served by the systems 100 and 150 can varydepending upon implementation choices by the lenders and/or loanoriginators. Furthermore, a wide variety of web pages can be providedfor other aspects of the loan application process and the linksillustrated in the Figures.

Although embodiments of the present invention have been described withreference to a network implementation comprising the Internet andInternet-related web browsing and web serving technologies, it should benoted that alternative embodiments of the present invention can beimplemented on many other types of networks and network protocols, suchas proprietary protocols for local area networks, wide area networks,and any combination thereof.

The present invention has been described primarily in relation to loanapplications for personal home mortgage loans. It should be noted,however, that many other types of loans can be processed through theembodiments described herein, such as commercial loans, any type ofpersonal loan, home equity loans, and the like.

In the foregoing, a system has been described for processing andsubmitting loan applications through an embedded loan originationsoftware system and loan processing interface system. Although thepresent invention has been described with reference to specificexemplary embodiments, it will be evident that various modifications andchanges may be made to these embodiments without departing from thebroader spirit and scope of the invention as set forth in the claims.Accordingly, the specification and drawings are to be regarded in anillustrative rather than a restrictive sense.

1. A computer program product for the formatting and transmission ofdata to and from a loan originator computer to and from one or morepartner computers, the computer program product encoded in a medium andincluding instructions for implementing: a loan origination softwareprogram resident on the loan originator computer including a native webbrowser capability embedded in the loan origination software program; aformatting process integrated in the loan origination software programand configured to re-format and publish loan application informationprovided by the loan origination software program in a format compatiblewith a financial service software program of a target partner computerof the one or more partner computers; a transmission process integratedin the loan origination software program and configured to transmitre-formatted loan application information to the target partnercomputer.
 2. The computer program product of claim 1 wherein the one ormore partner computers comprises at least one of the following, a lendercomputer, an underwriter company computer, and a settlement servicevendor computer.
 3. The computer program product of claim 1 wherein thetarget partner computer executes a process to receive the loanapplication information.
 4. The computer program product of claim 3further comprising a server process operable to serve to the formattingprocess one or more modules for processing the loan applicationinformation.
 5. The computer program product of claim 4 wherein the oneor more modules comprises a program downloaded from the server processto a desktop process in the loan origination software program :forexecuting the formatting process of the loan originator computer.
 6. Thecomputer program product of claim 4 wherein the one or more modulescomprises an instruction script downloaded from the server process forlocal execution by the native web browser capability embedded in theloan origination software program.
 7. The computer program product ofclaim 5 wherein the formatting process is downloaded from the serverprocess to the desktop process in the loan origination software programfor local execution by the web browser capability native to the loanorigination software program.
 8. The computer program product of claim 5wherein the data is validated by the desktop process in the loanorigination software program prior to transmission to the target partnercomputer.
 9. The computer program product of claim 3 wherein the loaninformation data is transmitted to the target partner computer from theloan origination software program by a transmission method selected fromthe group consisting of synchronous transmission, polling-basedtransmission, and asynchronous transmission.
 10. The computer programproduct of claim 5 further comprising a log routine executed by thedesktop process in the loan origination software program, and configuredto store results of the transmission operation in a memory functionallycoupled to the native web browser capability embedded in the loanorigination software program.
 11. The computer program product of claim10 further comprising a data input module executed by the desktopprocess in the loan origination software program and configured toreceive return information from the target partner computer and displaythe return information in a format compatible with the native webbrowser capability embedded in the loan origination software program.12. The computer program product of claim 11 wherein the returninformation is merged with the loan application information and storedby the loan origination software program.
 13. A method for processingand submitting loan application data over a computer network for theformatting and transmission of data to and from a loan originatorcomputer to and from one or more partner computers, the method employinga loan origination software program with native web browser capabilityresident on the loan originator computer, and one or more web browsermodules, the method comprising the steps of: providing, within the loanorigination software program, at least one file template comprising anumber of user input fields, through a graphical user interfaceaccessible on the loan originator computer, each file templatecorresponding to a document within a loan application; accepting userspecified data for one or more of the user input fields; automaticallyentering, using the one or more web browser modules, the user specifieddata into corresponding user input field in any other file template thatincludes such corresponding user input fields; calculating, within theloan origination software program, data entries for input fields on theone or more file templates that depend on data from one or more otherinput fields; and transmitting, using the one or more web browsermodules, from the loan origination software program, the file templatecontaining the user specified data to a target partner computer of theone or more partner computers.
 14. The method of claim 13 wherein theloan application comprises an on-line version of a loan applicationpackage available from a partner.
 15. The method of claim 13 furthercomprising the step of storing the user specified data in a memorycoupled to the loan originator computer.
 16. The method of claim 13wherein the file template is selected from the group of document typesconsisting of word processing documents, commercially formatted loanapplication documents, government specified loan application documentsand spreadsheet program documents.
 17. The method of claim 16 whereinthe loan application is selected from the group consisting of federalhousing authority loan, veterans administration loan, and conventionalmortgage loan.
 18. The method of claim 13 further comprising the stepsof: determining, with the loan origination software program, a type ofloan the user is interested in obtaining to establish a desired loan;performing, with the loan origination software program, apre-qualification analysis of the user in relation to the desired loan;and providing, with the loan origination software program, to the user alist of one or more partners who can provide the desired loan throughthe graphical user interface.
 19. The method of claim 15 furthercomprising the steps of: establishing an account for the user upontransmission of the at least one file template containing the userspecified data to a target partner computers of the one or more partnercomputers; storing the user information in the memory coupled to theserver computer; and using the stored user information to compile aprofile for the user.
 20. The method of claim 19 further comprising thestep of automatically entering user specified data into correspondinguser input fields in any subsequent file templates provided to the userbased on the profile for the user stored in the memory.
 21. The methodof claim 13 further comprising the steps of: tracking, with the loanorigination software program, the one or more completed file templatesthrough the network coupling the loan originator computer to the one ormore partner computers; providing a means to check the status of anexisting loan application; and logging the loan application transactionin the memory coupled to the server computer.
 22. The method of claim 14wherein the network comprises the Internet, and wherein the at least onefile template is a loan application consisting of content generated by astandardized markup language.
 23. The method of claim 22 wherein themarkup language comprises hypertext markup language.
 24. The method ofclaim 22 wherein the markup language comprises extensible markuplanguage.